N26 and Clark launch fully digitized insurance service for N26 customers
N26 will expand the services and products available to its customers with the introduction of N26 Insurance. Today, N26 announced at Money20/20 Europe in Copenhagen that it will partner with leading German Insurtech Clark to offer a digitized insurance service. This is the next step in N26’s strategy to become the one-stop app for all of its users’ financial needs by leveraging innovation from companies around the world. The cooperation will allow N26 customers to manage their insurance in a fully digital manner within the N26 app. Instead of hundreds of pages of insurance documents, users will see all important information on one screen. By the end of July, a Beta version including first features will be available to all N26 customers in Germany.
The vision for this new offering to N26 customers is to create a central place for all insurance matters. Customers will have a digital overview of all their insurance policies including information on coverage, rates, payment frequency, start and end dates. N26 Insurance will enable customers to initiate claims with just a few clicks. As the next step, N26 Insurance will help users make smarter decisions by helping them to optimize their insurance plans and find an easier way to navigate through the wealth of offerings. Everything can be handled in a fully digitized way directly within the N26 mobile app.
The digital insurance service is provided in cooperation with the leading German insurance robo-advisor Clark. Clark has developed an innovative robo-advisor solution which analyzes customers’ existing contracts and proposes optimizations. The robo-advisor scans tariffs of more than 160 insurance companies.
“Digitalisation in the insurance market is lagging behind. Customers are still facing offline structures and a lot of paperwork.” says Maximilian Tayenthal, founder and CFO of N26. “It is therefore a huge opportunity for N26 to address these customer issues by leveraging digital innovation to make Insurance more user-friendly.”
“This partnership is the next step in our plan to partner with financial institutions and make our robo-advisor available to their customers,” says Dr. Christopher Oster, CEO of Clark. “Our API-based integration will deliver a fully digital insurance experience and ensure that customers have the right insurance at the best price available.”
By the end of July, N26 will invite its existing customers to a Beta version of N26 Insurance including the first basic features: a digitized version of their policies and information on rate and payment schedules, all included in a central dashboard available at their fingertips. N26 customers can use the service with just a few clicks directly in their N26 mobile app. Adding an existing insurance policy only requires selecting the type of insurance and the insurance provider. Everything else is handled by Clark: Fetching contract information, assessing the quality of the contracts and giving insight and tips on how to improve the insurance situation.